There are some things to consider/establish:
-the seller has good title to the assets being sold. You will need to see contracts, receipts and confirmation fully paid for.
- no outstanding HP/finance on on the assets. If there is, can the HP/finance be transferred.
- The contract needs to transfer the business name and the rights to use it, if you intend to use the seller's name.
- The contract needs to transfer the goodwill and contain a non competition clause (prohibit the seller from competing with you in specific locations and for a specified period of time during).
- As the assets are owned by a Ltd company the contract needs to provide for who will be liable if you need to sue for breach of contract, I.e a director. If the Ltd company is wound up you will not be able to claim against the company for breach of contract.
- The contract should contains warranties on the part of the seller (director) in respect of the above points. If the seller breaches any of the warranties you can sue for breach of warranty.
- Contract must state that you are acquiring the assets only, no debts, no employees.
- All assets must be listed on an inventory and attached to the contract.
Although you are only paying 31k it is always recommended to use a solicitor, just to make sure something is not missed.
Do you have any further questions or queries. Happy to assist you further.